Blog

Startups: There Is a Big Difference Between Spending Money and Wasting It

But if you’ve gone down the route of entrepreneurship (or even that new strand of business leadership the kids like to call solopreneurship), then you need to know that there is one thing worse than not making the amount of money you thought you would – and that is wasting money you don’t have to waste. Yet, so many do. It is worth mentioning that most of this wasted cash is spent inadvertently but, still, inadvertent is just a less damning word for ‘ignorantly’.

Luckily for you, we have done the ultra charitable thing of speaking to some experts in this area to compile a list of super-duper common ways most small businesses (sorry, solopreneurs) waste money. We’re good like that. So, without further ado, here they are:

Forget That Social Media Following

Don’t get us wrong, social media is awesome. However, you need to have a much better strategy than just trying to build your following if you want to get your ads seen. The algorithm on things like Facebook is just too complicated and too fluid to make this work unless you are willing to spend big, which means anything you are spending is a waste. Instead, what you should be doing is using social media to collect email addresses, building your email list, and then using this to contact with your audience directly. Done deal.

You’re Too All Over the Shop

We live in a day and age where technology strives to make our lives at least 800% easier, so why are you still so set on making life hard for yourself while simultaneously wasting money? That is rhetorical by the way. Even spending too much time on something is a waste of money because, well, time is money. That is where something as simple as using the right IT solutions company can have a huge impact; someone that will create an omnichannel trading environment instead of having you spending time trying to manage each of the different retail methods. Your physical store, online shop, phone approach and whatever else shouldn’t be dealt with separately. The same goes for anything else that can become integrated, such as your communication options and customer service strategies.

The Days of Being Traditional Are Over

Sure, back in the day there was a certain way you had to go about conducting business if you wanted to be successful, but these days are over. You no longer need to get yourself some office space with a nice postcode, and you no longer need the capabilities to do everything in-house. In fact, trying to do this will achieve nothing more than business-suicide. You will be wasting money. Instead, figure out if can run your business from home, or just online, or maybe from a shared space where rent is lower and utility bills are shared. It may be you don’t need a physical office at all. As for your in-house requirements, most tasks can be outsourced on a need-by-need basis. In fact, most departments can be outsourced, so stop with your outdated methods. They are just wasting money you don’t have to waste.